Union Budget: Few Terms You Should Know
Finance Minister Arun Jaitley will on February 1, 2017 present his fourth Budget in Parliament. Explained below are a few commonly used terms in Union Budget which will help you understand the financial document in a better way:
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Fiscal deficit
It is excess of Government of India's total spending over the sum of its revenue receipts and non-debt capital receipts in a fiscal year. Fiscal deficit also represents the total amount of borrowed funds required by government to completely meet its expenditure. -
Primary deficit
A part of fiscal deficit, primary deficit refers to the taxes levied on the income and resources of individuals or organisations. Normally, they are levied on wealth or income through income tax, corporate tax, capital gains tax, inheritance tax etc.
